10149 Corunna #1 Rd

Clayton, MI 48473

$725D

1 bd · 1.0 ba · 544 sqft · Built 1961 · Condo · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,061/mo
• Mortgage (P&I): −$4
• Tax + insurance: −$1
• HOA: −$0
• Vac / Maint / Mgmt: −$223
• Net cashflow: $833/mo
• Annual: $9,996/yr
• Cap rate: 1385.10%
• Cash-on-cash: 4924.31%
• DSCR: 220.10
• 1% rule: 146.32%
• Cash to close: $203

Investor read

• This is a 1-bed/1.0-bath condo listed at $725.
• At list price, monthly cash flow is $833 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $725).
• It's been on market 30 days — a 2% lower offer ($714) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $714 (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5 of loan paydown is wiped out by about $22 of value loss. Plan a longer hold.
• Location reads 57/100 on livability (#648 in MI) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: employment D, schools F, crime F.
• Swartz Creek Community Schools (suburban): math 23% / reading 44% proficiency, ranked #298 of 540 in MI (top 55%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 166 active listings in the ZIP; solid renter incomes; 419 units permitted in Genesee County in 2024 (68 in 5+ unit buildings).
• Genesee County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $203 cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent is only 16% of the median local income ($78k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.